Insituform Technologies, Inc. Awarded $20.7 Million (USD) Contract From Kuwait Oil Company
Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) announced today that Corrpro Companies, Inc. (“Corrpro”), a subsidiary of Insituform, has been awarded a four-year contract valued at $20.7 million (USD) from the Kuwait Oil Company (“KOC”). Corrpro expects to begin work on this project in November 2011.
Under the new contract, Corrpro will develop and execute a comprehensive corrosion management program from installation of monitoring equipment to data collection and analysis working closely with KOC. Corrpro has been providing KOC with internal corrosion monitoring services since 2005.
David Kroon, President of Corrpro, said, “We are excited to continue our relationship with KOC. In addition, this contract award will provide substantial visibility in Kuwait for Corrpro’s internal corrosion monitoring work over the next four years and should lead to future cathodic protection projects and provide opportunities for internal lining work. We believe the Middle East represents a significant opportunity for not only Corrpro, but also for Insituform’s other energy and mining companies.”
Research from Business Monitor International indicates Middle East investment in production and infrastructure will grow over the next 10 years as oil production is expected to increase by 5.3 million barrels, or 26.5%, per day and consumption is expected to grow by 43% within the Gulf Cooperation Council countries and Iraq.As recently reported, Insituform has been actively focused on increasing its presence in the Middle East through multiple strategic channels. In addition to this contract award, recent Insituform releases have announced a new office in Oman and a joint venture with Saudi Trading & Research Co. Ltd. (STARC). In July, Insituform announced the acquisitions of CRTS, Inc., a pipeline coating services company that has performed significant work in Saudi Arabia, and Hockway Limited, a cathodic protection company with operations in the United Kingdom and in the Middle East. Corrpro is represented in Kuwait by Ratqa General Trading & Contracting Co. W.L.L.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV